Technology
TTEC Announces Fourth Quarter and Full Year 2023 Financial Results
Published
7 months agoon
By
Full Year 2023
Revenue was $2.463 Billion, up 0.8 Percent
Operating Income was $118.0 Million or 4.8 Percent of Revenue
($200.4 Million or 8.1 Percent of Revenue Non-GAAP)
Net Income was $18.3 Million or 0.7 Percent of Revenue
($103.2 Million or 4.2 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $271.5 Million or 11.0 Percent of Revenue
Fully Diluted EPS was $0.39, $2.18 Non-GAAP
Fourth Quarter 2023
Revenue was $626.2 Million, down 4.9 Percent
Operating Income was 16.9 Million or 2.7 Percent of Revenue
($41.8 Million or 6.7 Percent of Revenue Non-GAAP)
Net Income was ($8.2) Million or (1.3) Percent of Revenue
($17.5 Million or 2.8 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $57.5 Million or 9.2 Percent of Revenue
Fully Diluted EPS was ($0.17), $0.37 Non-GAAP
Provides Outlook for Full Year 2024
DENVER, Feb. 29, 2024 /PRNewswire/ — TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the fourth quarter and full year ended December 31, 2023.
“As we have previously communicated, 2023 was a dynamic year for TTEC. The macroeconomic factors created a conservative and uncertain business environment that delayed client contracting decisions and lowered forecasts for certain clients in the second half of the year. While these factors moderated our results, we continued to make progress diversifying our business by growing our client base, completing a strategic phase of our geographic expansion, and expanding our AI-enabled solutions,” commented Ken Tuchman, chairman and chief executive officer of TTEC.
“Our 2024 outlook reflects three very specific challenges in our TTEC Engage segment. First, client budget constraints and a conservative mindset in the second half of 2023 is carrying forward into our 2024 outlook. Second, a long-tenured client eliminated one of several lines of business that we supported. While our relationship remains strong with this client and we continue to service their customers across multiple other lines of business, the discontinuation of this one line of business contributes to the impact on our top and bottom line in 2024. Third, while we are pleased by the growing demand for our new offshore locations, the timing lag between our recent wins and normalized revenue run rate and margins is weighing on our outlook,” Tuchman continued.
“In TTEC Digital, we delivered record bookings in the fourth quarter and the team is off to a strong start this year. Demand for our differentiated CX technology expertise continues to grow as cloud migrations and AI solutions drive our clients’ CX digital transformation agendas.”
Tuchman further stated, “As we move into 2024, we are laser focused on execution. We will continue to capitalize on our greatly expanded offshore footprint, deepen our relationships with new and existing clients, apply our AI-enabled solutions and accelerate our margin optimization initiatives.”
“TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions. As revised, the dividend is in line with our stock price and the dividend yield typical for our industry and the broader market. I am confident we are well positioned to emerge stronger as we exit 2024.”
FULL YEAR 2023 FINANCIAL HIGHLIGHTS
Revenue
Full year 2023 GAAP revenue increased 0.8 percent to $2.463 billion compared to $2.444 billion in the prior year. Foreign exchange had a $4.4 million positive impact on revenue for the full year 2023.
Income from Operations
Full year 2023 GAAP income from operations was $118.0 million, or 4.8 percent of revenue, compared to $168.5 million, or 6.9 percent of revenue in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $200.4 million, or 8.1 percent of revenue, compared to $248.5 million, or 10.2 percent in the prior year.Foreign exchange had a $2.2 million negative impact on Non-GAAP income from operations for the full year 2023.
Adjusted EBITDA
Full year 2023 Non-GAAP Adjusted EBITDA was $271.5 million, or 11.0 percent of revenue, compared to $320.1 million, or 13.1 percent of revenue in the prior year.
Earnings Per Share
Full year 2023 GAAP fully diluted earnings per share was $0.39 compared to $2.48 in the prior year.Non-GAAP fully diluted earnings per share was $2.18 compared to $3.59 in the prior year.
FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS
Revenue
Fourth quarter 2023 GAAP revenue decreased 4.9 percent to $626.2 million compared to $658.3 million in the prior year. Foreign exchange had a $5.5 million positive impact on revenue in the fourth quarter of 2023.
Income from Operations
Fourth quarter 2023 GAAP income from operations was $16.9 million, or 2.7 percent of revenue, compared to $48.7 million, or 7.4 percent of revenue in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $41.8 million, or 6.7 percent of revenue, compared to $69.9 million, or 10.6 percent for the prior year.Foreign exchange had a $2.4 million negative impact on Non-GAAP income from operations in the fourth quarter 2023.
Adjusted EBITDA
Fourth quarter 2023 Non-GAAP Adjusted EBITDA was $57.5 million, or 9.2 percent of revenue, compared to $86.5 million, or 13.1 percent of revenue in the prior year.
Earnings Per Share
Fourth quarter 2023 GAAP fully diluted earnings per share was ($0.17) compared to $0.54 in the prior year.Non-GAAP fully diluted earnings per share was $0.37 compared to $0.91 in the prior year.
STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS
Cash flow from operations in the fourth quarter 2023 was $31.5 million compared to $18.2 million for the fourth quarter 2022. For the full year 2023, cash flow from operations was $144.8 million compared to $137.0 million for the same period 2022.Capital expenditures in the fourth quarter 2023 were $13.1 million compared to $19.4 million for the fourth quarter 2022. For the full year 2023, capital expenditures were $67.8 million compared to $84.0 million for the same period 2022.As of December 31, 2023, TTEC had cash and cash equivalents of $172.7 million and debt of $999.3 million, resulting in a net debt position of $826.5 million. This compares to a net debt position of $810.2 million for the same period 2022.As of December 31, 2023, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $90 million compared to $335 million for the same period 2022.On February 27, 2024, the Board declared the next semi-annual dividend of $0.06 per share, or $2.9 million, payable on April 30, 2024 to shareholders of record as of April 3, 2024. TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions.TTEC paid a $0.52 per share, or $24.7 million, semi-annual dividend on October 31, 2023.
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for the following two business segments: TTEC Digital (Digital) and TTEC Engage (Engage). Financial highlights for the two segments are provided below.
TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions
Fourth quarter 2023 GAAP revenue for TTEC Digital decreased 2.1 percent to $119.1 million from $121.7 million for the year ago period. Income from operations was $10.0 million or 8.4 percent of revenue compared to an operating income of $9.9 million or 8.2 percent of revenue in the prior year. Non-GAAP income from operations was $17.7 million, or 14.8 percent of revenue compared to operating income of $18.0 million or 14.8 percent of revenue in the prior year.
TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services
Fourth quarter 2023 GAAP revenue for TTEC Engage decreased 5.5 percent to $507.1 million from $536.6 million for the year ago period. Income from operations was $6.9 million or 1.4 percent of revenue compared to operating income of $38.8 million, or 7.2 percent of revenue in the prior year.Non-GAAP income from operations was $24.1 million, or 4.8 percent of revenue, compared to operating income of $52.0 million, or 9.7 percent of revenue in the prior year.Foreign exchange had a $5.3 million positive impact on revenue and $1.9 million negative impact on income from operations.
BUSINESS OUTLOOK
“We ended 2023 in line with expectations but the recent dynamics in the Engage segment are causing a reduction in our 2024 revenue and margin outlook compared to 2023. We are confident in the initiatives currently in motion that focus on growth and margin improvement,” commented Francois Bourret, interim chief financial officer of TTEC. “As digital transformation continues to be a top priority for our clients, we are encouraged by the growing momentum with TTEC Digital. As we move forward, we will navigate this environment to position the company to exit 2024 with a view towards longer-term profitable growth.”
TTEC First Quarter and Full Year 2024 Outlook
First Quarter 2024
Guidance
First Quarter 2024
Mid-Point
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$559M — $569M
$564M
$2,275M — $2,365M
$2,320M
Non-GAAP adjusted EBITDA
$52M — $58M
$55M
$215M — $259M
$237M
Non-GAAP adjusted EBITDA margins
9.3% — 10.2%
9.8 %
9.5% — 11.0%
10.2 %
Non-GAAP operating income
$36M — $42M
$39M
$150M — $194M
$172M
Non-GAAP operating income margins
6.4% — 7.4%
6.9 %
6.6% — 8.2%
7.4 %
Interest expense, net
($20M) — ($22M)
($21M)
($77M) — ($79M)
($78M)
Non-GAAP adjusted tax rate
23% — 25%
24 %
23% — 25%
24 %
Diluted share count
47.4M — 47.6M
47.5M
47.4M — 47.6M
47.5M
Non-GAAP earnings per a share
$0.25 — $0.34
$0.30
$1.15 — $1.86
$1.51
Engage First Quarter and Full Year 2024 Outlook
First Quarter 2024
Guidance
First Quarter 2024
Mid-Point
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$453M — $457M
$455M
$1,790M — $1,850M
$1,820M
Non-GAAP adjusted EBITDA
$41M — $45M
$43M
$149M — $179M
$164M
Non-GAAP adjusted EBITDA margins
9.2% — 9.9%
9.5 %
8.4% — 9.7%
9.0 %
Non-GAAP operating income
$28M — $32M
$30M
$95M — $125M
$110M
Non-GAAP operating income margins
6.2% — 7.0%
6.6 %
5.3% — 6.8%
6.1 %
Digital First Quarter and Full Year 2024 Outlook
First Quarter 2024
Guidance
First Quarter 2024
Mid-Point
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$106M — $112M
$109M
$485M — $515M
$500M
Non-GAAP adjusted EBITDA
$11M — $13M
$12M
$66M — $80M
$73M
Non-GAAP adjusted EBITDA margins
10.1% — 11.3%
10.7 %
13.5% — 15.5%
14.5 %
Non-GAAP operating income
$8M — $10M
$9M
$55M — $69M
$62M
Non-GAAP operating income margins
7.6% — 8.9%
8.3 %
11.2% — 13.3%
12.3 %
The Company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, Non-GAAP adjusted EBITDA margins, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including restructuring and impairment charges, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the Company’s control or cannot be reliably predicted. Accordingly, the Company is unable to provide reconciliations to GAAP operating income, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s 2024 financial results as reported under GAAP.
NON-GAAP FINANCIAL MEASURES
This press release contains a discussion of certain Non-GAAP financial measures that the Company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release.
GAAP metrics are presented in accordance with Generally Accepted Accounting Principles.Non-GAAP – As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, among other items.
ABOUT TTEC
TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company’s TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company’s TTEC Engage business delivers AI-enabled customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the company’s singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company’s over 60,000 employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com.
FORWARD-LOOKING STATEMENTS
This Earnings Press Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995., Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operation, effective tax rate, cash flow, leverage, liquidity, business strategy, competitive position, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance.
In this Release when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “would,” “could,” “target,” or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms “TTEC,” “the Company,” “we,” “us” and “our”and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties, and other factors that affect our business and may cause such differences as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”) which are available on TTEC’s website www.ttec.com, and on the SEC’s public website at www.sec.gov
Our forward-looking statements speak only as of the date that this release is issued. We undertake no obligation to update them, except as may be required by applicable law. Although we believe that our forward-looking statements are reasonable, they depend on many factors outside of our control and we can provide no assurance that they will prove to be correct.
Corporate Comms
Investor Relations
Marji Chimes
Paul Miller
marji.chimes@ttec.com
paul.miller@ttec.com
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three months ended
Twelve months ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$ 626,181
$ 658,278
$2,462,817
$2,443,707
Operating Expenses:
Cost of services
505,814
495,339
1,932,877
1,856,518
Selling, general and administrative
74,744
80,602
290,873
287,433
Depreciation and amortization
24,904
31,730
101,272
111,791
Restructuring charges, net
3,145
1,412
8,041
5,673
Impairment losses
650
450
11,733
13,749
Total operating expenses
609,257
609,533
2,344,796
2,275,164
Income From Operations
16,924
48,745
118,021
168,543
Other income (expense), net
(21,988)
(15,877)
(77,297)
(24,095)
(Loss) / Income Before Income Taxes
(5,064)
32,868
40,724
144,448
Provision for income taxes
(3,142)
(7,318)
(22,460)
(27,115)
Net (Loss) / Income
(8,206)
25,550
18,264
117,333
Net income attributable to noncontrolling interest
(1,694)
(3,197)
(9,836)
(14,093)
Net (Loss) / Income Attributable to TTEC Stockholders
$ (9,900)
$ 22,353
$ 8,428
$ 103,240
Net (Loss) / Income Per Share
Basic
$ (0.17)
$ 0.54
$ 0.39
$ 2.49
Diluted
$ (0.17)
$ 0.54
$ 0.39
$ 2.48
Net (Loss) / Income Per Share Attributable to TTEC Stockholders
Basic
$ (0.21)
$ 0.47
$ 0.18
$ 2.19
Diluted
$ (0.21)
$ 0.47
$ 0.18
$ 2.18
Income From Operations Margin
2.7 %
7.4 %
4.8 %
6.9 %
Net (Loss) / Income Margin
(1.3) %
3.9 %
0.7 %
4.8 %
Net (Loss) / Income Attributable to TTEC Stockholders Margin
(1.6) %
3.4 %
0.3 %
4.2 %
Effective Tax Rate
(62.0) %
22.3 %
55.2 %
18.8 %
Weighted Average Shares Outstanding
Basic
47,425
47,220
47,335
47,121
Diluted
47,503
47,299
47,419
47,335
TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
Three months ended
Twelve months ended
December 31,
December 31,
2023
2022
2023
2022
Revenue:
TTEC Digital
$ 119,118
$ 121,650
$ 486,882
$ 463,670
TTEC Engage
507,063
536,628
1,975,935
1,980,037
Total
$ 626,181
$ 658,278
$ 2,462,817
$ 2,443,707
Income From Operations:
TTEC Digital
$ 9,982
$ 9,924
$ 29,846
$ 34,895
TTEC Engage
6,942
38,821
88,175
133,648
Total
$ 16,924
$ 48,745
$ 118,021
$ 168,543
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$ 172,747
$ 153,435
Accounts receivable, net
394,868
417,637
Prepaids and other current assets
95,064
133,365
Income and other tax receivables
18,524
45,533
Total current assets
681,203
749,970
Property and equipment, net
191,003
183,360
Operating lease assets
121,574
92,431
Goodwill
808,988
807,845
Other intangibles assets, net
198,433
233,909
Income and other tax receivables, long-term
44,673
–
Other assets
139,724
86,447
Total assets
$ 2,185,598
$ 2,153,962
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 96,577
$ 93,937
Accrued employee compensation and benefits
146,184
145,096
Deferred revenue
81,171
87,846
Current operating lease liabilities
38,271
35,271
Other current liabilities
40,824
49,214
Total current liabilities
403,027
411,364
Long-term liabilities:
Line of credit
995,000
960,000
Non-current operating lease liabilities
96,809
69,575
Other long-term liabilities
75,220
79,273
Total long-term liabilities
1,167,029
1,108,848
Redeemable noncontrolling interest
–
55,645
Equity:
Common stock
474
472
Additional paid in capital
407,415
367,673
Treasury stock
(589,807)
(593,164)
Accumulated other comprehensive income (loss)
(89,876)
(126,301)
Retained earnings
870,429
911,233
Noncontrolling interest
16,907
18,192
Total equity
615,542
578,105
Total liabilities and equity
$ 2,185,598
$ 2,153,962
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve months ended
Twelve months ended
December 31,
December 31,
2023
2022
Cash flows from operating activities:
Net income
$ 18,264
$ 117,333
Adjustments to reconcile net income to net cash provided by operating activities :
Depreciation and amortization
101,272
111,791
Amortization of contract acquisition costs
2,288
2,065
Amortization of debt issuance costs
1,067
1,018
Imputed interest expense and fair value adjustments to contingent consideration
7,579
1,746
Provision for credit losses
2,009
9,391
Loss on disposal of assets
2,219
1,916
Loss on dissolution of subsidiary
301
–
Impairment losses
11,733
13,749
Deferred income taxes
(7,528)
(11,001)
Excess tax benefit from equity-based awards
1,705
(1,122)
Equity-based compensation expense
22,071
17,571
Gain on foreign currency derivatives
(3)
(7)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
22,359
(74,564)
Prepaids and other assets
8,570
43,699
Accounts payable and accrued expenses
9,518
(12,695)
Deferred revenue and other liabilities
(58,659)
(83,842)
Net cash provided by operating activities
144,765
137,048
Cash flows from investing activities:
Proceeds from sale of property and equipment
261
229
Purchases of property, plant and equipment
(67,839)
(84,012)
Acquisitions
–
(142,420)
Net cash used in investing activities
(67,578)
(226,203)
Cash flows from financing activities:
Net proceeds from / (repayments of) line of credit
35,000
169,000
Payments on other debt
(2,317)
(3,245)
Payments of contingent consideration and hold back payments to acquisitions
(37,676)
(9,600)
Dividends paid to shareholders
(49,232)
(48,072)
Payments to noncontrolling interest
(10,972)
(11,883)
Tax payments related to the issuance of restricted stock units
(3,037)
(7,164)
Net cash (used in) / provided by financing activities
(68,234)
89,036
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(2,112)
(13,499)
Increase / (decrease) in cash, cash equivalents and restricted cash
6,841
(13,618)
Cash, cash equivalents and restricted cash, beginning of period
167,064
180,682
Cash, cash equivalents and restricted cash, end of period
$ 173,905
$ 167,064
TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
Three months ended
Twelve months ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$ 626,181
$ 658,278
$ 2,462,817
$ 2,443,707
Reconciliation of Non-GAAP Income from Operations and EBITDA:
Income from Operations
$ 16,924
$ 48,745
$ 118,021
$ 168,543
Restructuring charges, net
3,145
1,412
8,041
5,673
Impairment losses
650
450
11,733
13,749
Cybersecurity incident related impact, net of insurance recovery
–
(446)
(3,210)
(3,610)
Software accelerated amortization
–
6,382
–
8,509
Write-off of acquisition related receivable
–
–
–
900
Property costs not related to operations
757
–
1,501
–
Liability related to notifications triggered by labor scheme (1)
6,000
–
6,000
–
Grant income for pandemic relief
–
–
40
–
Change in acquisition related obligation
–
–
483
–
Equity-based compensation expenses
5,661
4,331
22,071
17,571
Amortization of purchased intangibles
8,676
9,038
35,759
37,169
Non-GAAP Income from Operations
$ 41,813
$ 69,912
$ 200,439
$ 248,504
Non-GAAP Income from Operations Margin
6.7 %
10.6 %
8.1 %
10.2 %
Depreciation and amortization
15,894
16,310
64,840
66,113
Changes in acquisition contingent consideration
616
(272)
7,480
1,798
Change in escrow balance related to acquisition
–
–
625
–
Loss on dissolution of subsidiary
–
–
301
–
Foreign exchange loss / (gain), net
1,112
1,710
1,950
(6,514)
Other income (expense), net
(1,894)
(1,156)
(4,126)
10,161
Adjusted EBITDA
$ 57,541
$ 86,504
$ 271,509
$ 320,062
Adjusted EBITDA Margin
9.2 %
13.1 %
11.0 %
13.1 %
Reconciliation of Non-GAAP EPS:
Net (Loss) / Income
$ (8,206)
$ 25,550
$ 18,264
$ 117,333
Add: Asset impairment and restructuring charges
3,795
1,862
19,774
19,422
Add: Equity-based compensation expenses
5,661
4,331
22,071
17,571
Add: Amortization of purchased intangibles
8,676
9,038
35,759
37,169
Add: Cybersecurity incident related impact, net of insurance recovery
–
(446)
(3,210)
(3,610)
Add: Software accelerated amortization
–
6,382
–
8,509
Add: Write-off of acquisition related receivable
–
–
–
900
Add: Property costs not related to operations
757
–
1,501
–
Add: Liability related to notifications triggered by labor scheme
6,000
–
6,000
–
Add: Grant income for pandemic relief
–
–
40
–
Add: Change in acquisition related obligation
–
–
483
–
Add: Changes in acquisition contingent consideration
616
(272)
7,480
1,798
Add: Changes in escrow balance related to acquisition
–
–
625
–
Add: Loss on dissolution of subsidiary
–
–
301
–
Add: Foreign exchange loss / (gain), net
1,112
1,710
1,950
(6,514)
Less: Changes in valuation allowance, return to provision adjustments and
other, and tax effects of items separately disclosed above
(885)
(4,909)
(7,859)
(22,872)
Non-GAAP Net Income
$ 17,526
$ 43,246
$ 103,179
$ 169,706
Diluted shares outstanding
47,503
47,299
47,419
47,335
Non-GAAP EPS
$0.37
$0.91
$2.18
$3.59
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net (Loss) / Income
$ (8,206)
$ 25,550
$ 18,264
$ 117,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
24,904
31,730
101,272
111,791
Other
14,836
(39,045)
25,229
(92,076)
Net cash provided by operating activities
31,534
18,235
144,765
137,048
Less – Total Cash Capital Expenditures
13,117
19,448
67,839
84,012
Free Cash Flow
$ 18,417
$ (1,213)
$ 76,926
$ 53,036
(1) – For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024.
Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :
TTEC Engage
TTEC Digital
TTEC Engage
TTEC Digital
Q4 23
Q4 22
Q4 23
Q4 22
YTD 23
YTD 22
YTD 23
YTD 22
Income from Operations
$ 6,942
$ 38,821
$ 9,982
$ 9,924
$ 88,175
$ 133,648
$ 29,846
$ 34,895
Restructuring charges, net
1,823
1,130
1,322
282
4,250
5,251
3,791
422
Impairment losses
700
24
(50)
426
8,929
13,112
2,804
637
Cybersecurity incident related impact, net of insurance recovery
–
(446)
–
–
(3,210)
(3,610)
–
–
Software accelerated amortization
–
5,106
–
1,276
–
6,808
–
1,701
Write-off of acquisition related receivable
–
–
–
–
–
–
–
900
Property costs not related to operations
757
–
–
–
1,501
–
–
–
Grant income for pandemic relief
–
–
–
–
40
–
–
–
Change in acquisition related obligation
–
–
–
–
–
–
483
–
Liability related to notifications triggered by labor scheme
6,000
–
–
–
6,000
–
–
–
Equity-based compensation expenses
3,658
2,659
2,003
1,672
14,257
11,476
7,814
6,095
Amortization of purchased intangibles
4,264
4,658
4,412
4,380
18,215
17,272
17,544
19,897
Non-GAAP Income from Operations
$ 24,144
$ 51,952
$ 17,669
$ 17,960
$ 138,157
$ 183,957
$ 62,282
$ 64,547
Depreciation and amortization
13,458
13,667
2,436
2,643
55,153
54,561
9,687
11,552
Changes in acquisition contingent consideration
616
(272)
–
–
7,480
1,798
–
–
Change in escrow balance related to acquisition
–
–
–
–
625
–
–
–
Loss on dissolution of subsidiary
–
–
–
–
301
–
–
–
Foreign exchange loss / (gain), net
1,271
1,606
(159)
104
2,085
(5,540)
(135)
(974)
Other income (expense), net
(1,728)
(1,063)
(166)
(93)
(4,060)
9,352
(66)
809
Adjusted EBITDA
$ 37,761
$ 65,890
$ 19,780
$ 20,614
$ 199,741
$ 244,128
$ 71,768
$ 75,934
View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-fourth-quarter-and-full-year-2023-financial-results-302076311.html
SOURCE TTEC Holdings, Inc.
You may like
The wholesale purchase acquisition will preserve Fiery as an independent DFE provider and strengthen its industry leadership.
FREMONT, Calif., Sept. 18, 2024 /PRNewswire/ — Fiery, LLC (“Fiery”), the print industry’s leading innovator of digital front ends (DFEs) and workflow software, today announced that Fiery’s ownership has entered into an agreement with Seiko Epson Corporation (“Epson”) whereby Epson will acquire Fiery from Siris Capital Group, LLC (“Siris”, together with its affiliates, including Electronics for Imaging, Inc.) in a transaction valued at approximately $591 million.
Fiery’s industry-leading products have enabled the exceptional color, personalization, performance, and efficiency that print businesses have relied on for more than three decades. Fiery’s software, server, and workflow solutions will complement Epson’s strategic vision and hardware leadership to drive growth across a broad range of print devices and applications.
By joining Epson, a global leader in innovation, Fiery is better positioned to scale, drive innovation, and continue delivering cutting-edge solutions to its customers while maintaining its independence in areas where the company excels.
Following the consummation of the transaction, Fiery will continue to operate as an independent provider of DFEs and workflow solutions to empower OEM partners to deliver the best possible output from their devices and accelerate the development of digital printing around the world.
“Epson’s acquisition of Fiery showcases the uniquely important role we play in enabling success across the entire print industry,” said Toby Weiss, CEO of Fiery. “Fiery has a demonstrated track record of empowering OEM partners to deliver the best possible results for its customers, and we look forward to building upon this legacy with Epson and our valued partners. I’d also like to thank Frank and the entire Siris team for their invaluable guidance and expertise.”
“We are delighted to welcome Fiery into the Epson Group. We are confident that this agreement will not only drive further growth in our commercial and industrial printing businesses but also accelerate the digital transformation of the analog printing market in an innovative way,” said Yasunori Ogawa, President and Representative Director, Epson. “Together with Fiery, we remain committed to contributing to our customers’ success and enhancing corporate value as we pursue new opportunities in the evolving printing landscape.”
Siris acquired Fiery as part of Siris’s take-private acquisition of Electronics for Imaging, Inc. (“EFI”) in 2019. Under Siris’ ownership, Fiery separated from EFI in 2021 to become an independent company.
“Under our ownership, Toby and the Fiery team accelerated investments in innovative technologies and expanded the product portfolio for the benefit of their OEM partners,” said Frank Baker, a Co-Founder and Managing Partner at Siris. “Epson is the ideal partner for Fiery’s next chapter, and we look forward to seeing how Fiery builds upon its leading position within the print industry moving forward.”
DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI in connection with the sale of its interests in Fiery to Epson.
The transaction remains subject to customary closing conditions including regulatory approvals and is expected to close within 2024.
About Fiery
Fiery is the leading provider of digital front ends (DFEs) and workflow solutions for the global print industry. With a customer base that includes over 2 million DFEs sold worldwide, Fiery’s industry-leading software and cloud-based technologies deliver the best possible performance, color, and print quality across a broad range of production printing devices.
Fiery’s innovative solutions empower commercial print, industrial, packaging, signs and display graphics, ceramics, building materials, textiles, and more. Through over 30 years of excellent support and service, Fiery has built an unmatched community of customers, dealers, and partners.
About Epson
Epson is a global technology leader whose philosophy of efficient, compact and precise innovation enriches lives and helps create a better world. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson’s goal is to become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion. www.global.epson.com
About Siris
Siris is a leading private equity firm that targets control investments in companies that provide mission-critical technology infrastructure. Siris leverages its network of exclusive Executive Partners to identify opportunities and drive strategic and operational value. Siris is based in New York and West Palm Beach and has approximately $7 billion in assets under management as of September 30, 2023.
Forward-Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements Fiery may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the transaction may not be satisfied, (2) the timing of completion of the transactions is uncertain, (3) the business of Fiery may suffer as a result of uncertainty surrounding the transaction, (4) events, changes or other circumstances could occur that could give rise to the termination of the agreement, (5) there are risks related to disruption of the management’s attention from the ongoing business operations of Fiery due to the transaction, (6) the announcement or pendency of the transaction could affect the relationships of Fiery with its clients, operating results and business generally, including on the ability of Fiery to retain employees, (7) the outcome of any legal proceedings initiated against Fiery following the announcement of the transaction could adversely affect Fiery, including the ability to consummate the transaction, and (8) Fiery may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Fiery does not undertake any obligation to update, correct or otherwise revise any forward-looking statements.
Fiery is a registered trademarks of Fiery, LLC in the U.S. and/or certain other countries. All other terms and product names may be trademarks or registered trademarks of their respective owners and are hereby acknowledged.
Nothing herein should be construed as a warranty in addition to the express warranty statements provided with Fiery products and services.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fiery-to-be-acquired-by-epson-302252489.html
SOURCE Fiery
Technology
Siris Announces Sale of Fiery to Seiko Epson Corporation
Published
2 hours agoon
September 18, 2024By
During its ownership period, Siris partnered with Fiery to expand product portfolio and deepen strategic partnerships
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Siris (together with its affiliates, including Electronics for Imaging, “Siris”), a leading private equity firm focused on investing and driving value creation in technology companies, today announced the sale of Fiery, LLC (“Fiery”) to global technology leader Seiko Epson Corporation (“Epson”) in a transaction valued at approximately $591 million.
Fiery is a leading provider of digital front end (“DFE”) servers and workflow solutions for the growing industrial and graphic arts print sectors. Utilizing a combination of software and cloud-based technologies, Fiery has a demonstrated track record of delivering fast performance, stunning color and exceptional print quality across a broad range of production printing devices.
Fiery was acquired as part of Siris’ take-private acquisition of EFI in 2019. As part of its value creation strategy, Siris operationalized Fiery as an independent company in order to position it for a strategic exit. The divestiture of Fiery is the second carveout that Siris has completed from the broader EFI portfolio, after previously selling eProductivity Software to Symphony Technology Group, announced in 2022.
“Since our investment in Fiery in 2019, Toby and the team have grown the company’s leadership position in the DFE market, making significant progress expanding the product portfolio and deepening strategic partnerships,” said Frank Baker, a Co-Founder and Managing Partner at Siris. “Our partnership with Fiery is a great example of how we partner with management teams to drive value and position companies for continued long-term success. We look forward to seeing how the company continues to thrive with Epson moving forward.”
Mr. Baker added, “Post separation and divestiture of Fiery and eProductivity Software, EFI is now a streamlined, leading provider of industrial inkjet solutions for the display graphics, packaging and textiles industries with a broad range of printers, inks and service capabilities. We will continue to support EFI as it drives the exciting digital printing transition across a broad range of industrial end markets globally.”
“With Siris’ partnership and investment, we successfully raised the standards of digital printing excellence across a diverse range of operating segments,” said Toby Weiss, Chief Executive Officer of Fiery. “We are thrilled to embark on our next phase of growth alongside Epson, as we continue to provide our customers with dynamic solutions for their digital printing needs.”
The transaction is expected to close within 2024, subject to customary closing conditions including required regulatory approvals. Upon transaction close, Fiery will become part of the Epson group, retain its current name and organizational structure and continue to operate from its existing offices.
DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI in connection with the sale of its interests in Fiery, LLC to Seiko Epson Corporation. Sidley Austin LLP served as legal advisor to Siris.
About Siris
Siris is a leading private equity firm that targets control investments in companies that provide mission-critical technology infrastructure. Siris leverages its network of exclusive Executive Partners to identify opportunities and drive strategic and operational value. Siris is based in New York and West Palm Beach and has approximately $7 billion in assets under management as of December 31, 2023. https://siris.com/
About Fiery
Fiery is the leading provider of digital front ends (DFEs) and workflow solutions for the global print industry. With a customer base that includes over 2 million DFEs sold worldwide, Fiery’s industry-leading software and cloud-based technologies deliver the best possible performance, color, and print quality across a broad range of production printing devices.
Fiery’s innovative solutions empower commercial print, industrial, packaging, signs and display graphics, ceramics, building materials, textiles, and more. Through over 30 years of excellent support and service, Fiery has built an unmatched community of customers, dealers, and partners.
Forward-Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements Siris may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the transaction may not be satisfied, (2) the timing of completion of the transactions is uncertain, (3) the business of Fiery may suffer as a result of uncertainty surrounding the transaction, (4) events, changes or other circumstances could occur that could give rise to the termination of the agreement, (5) there are risks related to disruption of the management’s attention from the ongoing business operations of Fiery due to the transaction, (6) the announcement or pendency of the transaction could affect the relationships of Fiery with its clients, operating results and business generally, including on the ability of Fiery to retain employees, (7) the outcome of any legal proceedings initiated against Fiery following the announcement of the transaction could adversely affect Fiery, including the ability to consummate the transaction, and (8) Fiery may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Siris does not undertake any obligation to update, correct or otherwise revise any forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/siris-announces-sale-of-fiery-to-seiko-epson-corporation-302252493.html
SOURCE Siris Capital Group, LLC
Technology
Inspection Robots Market to Grow by USD 5.70 Billion from 2024-2028, with AI Driven Advantages Over Manual Methods Boosting Revenue – Technavio Report
Published
3 hours agoon
September 18, 2024By
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global inspection robots market size is estimated to grow by USD 5.70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 19.86% during the forecast period. Advantages of robotic inspection over manual inspection is driving market growth, with a trend towards shift towards cloud-based solutions in inspection robots. However, rising levels of unemployment due to use of robotics poses a challenge. Key market players include Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations, Eddyfi Technologies, FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co., Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd., IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc..
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (ROVs and Autonomous robots), End-user (Oil and gas, Petrochemicals, Food and beverages, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)
Region Covered
Europe, North America, APAC, South America, and Middle East and Africa
Key companies profiled
Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations, Eddyfi Technologies, FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co., Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd., IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc.
Key Market Trends Fueling Growth
The global inspection robots market is experiencing notable growth due to the adoption of cloud-based solutions. Cloud computing technologies are increasingly being utilized in this industry to facilitate data storage, processing, and analysis. Cloud-based inspection robots offer several advantages, including scalability, flexibility, and accessibility. Users can access inspection data from any location and collaborate with remote teams in real-time. Predictive maintenance is also facilitated through the analysis of historical inspection data. Cloud platforms enable secure sharing of inspection data among authorized users, promoting collaborative workflows and knowledge sharing. Real-time communication and updates ensure that stakeholders remain informed about inspection activities and results. The shift towards cloud-based solutions is driving the growth potential of the global inspection robots market by enhancing efficiency and effectiveness in inspection operations, improving asset management, and boosting overall performance.
Inspection robots are gaining popularity in various industries due to the need for worker safety and the adoption of collaborative robots or cobots. These robots are equipped with sensors, cameras, and specialized tools to collect data from assets in manufacturing, construction, energy, and other sectors. They can access hard-to-reach areas, hazardous environments, and confined spaces, providing real-time visual information for maintenance assessment and safety inspections. Businesses are recognizing the complementary need for human workers and robots, with robots taking on repetitive, dangerous, or time-consuming tasks. Initial investment in inspection robots includes training and infrastructure modifications, but the long-term benefits include increased cost-efficiency, consistency, and informed decisions based on real-time data. However, economic downturns and travel restrictions may hinder robot deployment, making it essential for businesses to consider the versatility and advanced sensors of inspection robots, such as lidar, for maximum effectiveness. Despite the initial costs, the benefits of worker safety, human intervention, and data collection make inspection robots a worthwhile investment.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!
Market Challenges
The integration of robots and robotic applications in various industries, including manufacturing, has significantly boosted productivity, economies of scale, and cost savings. However, this automation trend raises concerns about employment, as it may lead to job losses. Process automation, fueled by machine learning and artificial intelligence, is increasingly common in manufacturing, transportation, finance, and energy management. While these technologies offer performance advantages, they also pose a threat to white-collar and blue-collar jobs, particularly those involving routine, process-driven tasks. Unemployment resulting from automation may lead to income inequality and a need for workforce skill development. Governments in North America and Europe are addressing this challenge by formulating strategies to mitigate the impact of robotic automation on employment. As a result, the rising unemployment rate may hinder the growth of the global inspection robots market during the forecast period.The Inspection Robots Market is experiencing significant growth due to the increasing demand for automation in various industries. However, challenges persist. Injuries and accidents during robot operation pose safety concerns. Data organization and operational costs are key challenges in implementing robot inspections. Integration of cameras, electronics, and operating software requires specialized skills. Robots must navigate hazardous situations, making safety a top priority. The Hotel and Transport industries are major adopters, with the Internet of Things and Artificial Intelligence driving innovation. However, lack of standardization and testing methodologies hinder market growth. Mobile robots in the Mobile Robots segment lead in terms of adoption due to their ease of use and versatility. The Pharmaceutical segment benefits from robots’ efficiency and accuracy in product inspection. Patents and intellectual property are crucial for market leaders like Cognite, Honeybee Robotics, Universal Robots, Inuktun Services, LEO Robotics, and Superdroid Robotics. Robot types include collaborative robots and human-robot cooperation models, with AI and quadruped robot dogs leading the way. Safety, ease of use, and specialized training are essential considerations. Testing Type, such as non-destructive testing and visual inspection, are critical applications. The market’s future lies in the development of more advanced robots and the integration of AI for improved human-robot cooperation in quality control.
Insights into how AI is reshaping industries and driving growth- Download a Sample Report
Segment Overview
This inspection robots market report extensively covers market segmentation by
Type 1.1 ROVs1.2 Autonomous robotsEnd-user 2.1 Oil and gas2.2 Petrochemicals2.3 Food and beverages2.4 OthersGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 ROVs- ROV (Remotely Operated Vehicles), also known as inspection robots, are mobile devices controlled from a central unit, typically tethered through a cable. Their diverse shapes and designs increase flexibility and performance, driving market growth. ROVs, primarily used for underwater exploration and inspection, have low power requirements and are easy to operate. Their affordability, low maintenance costs, and suitability for confined spaces make them popular in industries requiring assistance in navigating critical areas. These factors contribute to the revenue generation of the ROV inspection robot market.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
Inspection robots are revolutionizing industries by automating quality control and product inspection processes, enhancing efficiency and accuracy while ensuring worker safety. These robots, including Cognite’s quadruped robot dog and ANYbotics’ human-robot cooperation models, employ AI and machine learning to identify faults, failures, leakages, and other critical issues. The adoption of cobots, such as those from Universal Robots and Mitsubishi Electric Corporation, allows for human-robot cooperation in various scenarios. Inspection robots are essential in unmanned facilities, remote locations, and harsh environments, where human presence is limited or dangerous. These robots can navigate complex terrain, inspect hard-to-reach areas, and work in extreme temperatures, ensuring the quality of products and the reliability of transportation systems. Fully autonomous inspection robots are increasingly being adopted to streamline processes and reduce costs, making them an indispensable tool for modern manufacturing and production.
Market Research Overview
Inspection robots are transforming industries by providing efficient and accurate solutions for quality control and maintenance assessment in various sectors. These robots, including quadruped robot dogs, utilize AI and collaborative robots for human-robot cooperation. They are equipped with sensors, cameras, and specialized tools to inspect assets and infrastructure in manufacturing, energy, construction, and other industries. The adoption of these robots is a complementary need to human workers, enhancing safety and consistency in product inspection and maintenance. Inspection robots are particularly valuable in harsh environments, confined spaces, and hazardous areas, where human intervention is risky or inefficient. Real-time data collection and analysis enable informed decisions, increasing cost-efficiency and effectiveness. Advanced sensors, such as lidar, ultrasonic, and thermal imaging, enable accurate defect detection and anomaly identification, leading to predictive maintenance and inspection efficiency. Businesses are investing in inspection robots to improve safety, reliability, and productivity. However, initial investment, training, and infrastructure modifications can be significant. Economic downturns and travel restrictions may impact robot deployment, but the long-term benefits outweigh the costs. Inspection robots are customizable, with options for mobile service robots, vision sensors, and semi-autonomous or fully autonomous operation. They are essential for critical scenarios, unmanned facilities, and remote locations, providing real-time data for informed decisions and ensuring safety in various industries, including aerospace, automotive, and oil and gas.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeROVsAutonomous RobotsEnd-userOil And GasPetrochemicalsFood And BeveragesOthersGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/inspection-robots-market-to-grow-by-usd-5-70-billion-from-2024-2028–with-ai-driven-advantages-over-manual-methods-boosting-revenue—technavio-report-302252086.html
SOURCE Technavio
Fiery to be Acquired by Epson
Siris Announces Sale of Fiery to Seiko Epson Corporation
Inspection Robots Market to Grow by USD 5.70 Billion from 2024-2028, with AI Driven Advantages Over Manual Methods Boosting Revenue – Technavio Report
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days ago
MSquare Technology Showcases Leadership in IP and Chiplet Innovation at the AI Hardware & Edge AI Summit
-
Technology5 days ago
Sunwoda Inside at RE+ 2024: Showcasing Comprehensive Energy Storage Solutions Across the Full Industrial Chain
-
Technology5 days ago
AI Recruitment Platform Bossjob Surpasses 4 Million Registered Users in the Philippines
-
Coin Market4 days ago
Norway town campaigns to close Bitcoin mine, electricity costs jump 20%
-
Coin Market3 days ago
Reddit user claims ChatGPT initiated a conversation from previous info
-
Technology5 days ago
Akuvox S567G Smart Indoor Monitor Has Received Google Mobile Service Certification
-
Coin Market4 days ago
Circle predicts stablecoins will become mainstream global payment method
-
Technology3 days ago
Canada Invests in Net Zero Atlantic to Create Jobs and Support Clean Energy for Atlantic Canadians